Wednesday, September 24, 2008

Senate Passes Extension For Solar Tax Credit

Press Release from North Bay Business Journal
WASHINGTON, Sept. 24, 2008 -- The U.S. Senate today passed a bill to extend and improve the federal tax incentive program for solar installations. The legislation now awaits passage by the House before it goes to the president’s desk for final approval.

A 30 percent tax credit for commercial solar installations slated to run out at the end of this year has been extended for eight more years. The amendment to the Energy Improvement and Extension Act of 2008 passed by a vote of 93 to two. 

The new legislation removes a cap of $2,000 that could be taken in tax credits for residential systems and adds an allowance for utilities to take advantage of the 30 percent commercial credits. It also allows taxpayers who meet the alternative minimum tax to take a solar credit.

A study released by Navigant Consulting Inc. projected that passage of the legislation by the House and president, which could happen this week, would stimulate $232 billion in investment in solar installations.

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